According to our analysis EURUSD, USDJPY and GBPUSD moved 121 pips on FOMC statement and projections data yesterday. There was no change in the federal funds rate yesterday. As also announced in January less likely adjustments (raising) of the federal funds rate in the near future was another time the trigger for the US dollar losses against major currencies. Please find the exact phrases from the January and March statements below. The projection data supported this statement, median federal funds rates for 2019, 2020 and 2021 were reduced by 0.5 percent each.

Year

2019

2020

2021

Longer run

Median federal funds rate

2.4

2.6

2.6

2.8

December projections

2.9

3.1

3.1

2.8

In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes.

— Federal Open Market Committee, 20/03/2019

In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes.